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SEC D-G, Munir Gwarzo

Mounir Gwarzo, suspended director general of Securities and Exchange Commission (SEC), has been recommended by an investigative panel for dismissal because he awarded contracts worth N33 million to his company.

This comes less than one week after a Federal Capital Territory (FCT) High Court discharged and acquitted him.

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The panel investigated claims that Gwarzo was a director in Medusa Limited and Outbound Investment Limited while serving as SEC DG and also used his influence to award contracts to those companies.

Concise News learned that Gwarzo, according to the the panel’s report, was a majority shareholder in Medusa Limited with a shareholding of N1.2 million.

“His purported letter of resignation dates 19th December 2012 was not part of CAC’s records as at the date of the inquiry,” the report read.

“It was equally discovered from the account opening mandate obtained from GTBank that Gwarzo was at the date of the inquiry signatory to account No 322324264/1/110 maintained by the company with the bank.”

Gwarzo was also reported to have signed letters as the company’s director to a bank requesting for a change of account number and a credit card for the company.

“When Gwarzo was confronted with the above letters, he admitted to having authored and signed them but claimed that it was a regrettable action,” the report stated.

What Gwarzo said

He claimed that Outbound Investments Limited belonged to his wife’s family and that he was only representing his wife on the board.

This news medium had reported that Gwarzo was arraigned on a five-count charge by the Independent and Corrupt Practices and Other Related Commission (ICPC).